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Durex owner in talks for baby formula group

RECKITT Benckiser (RB), the company behind such household names as Durex, Cillit Bang and Nurofen, is in talks to buy a baby formula manufacturer for $16.7bn (£13.2bn).

In a statement yesterday, RB said it was in advanced talks with Mead Johnson to buy its shares at $90 each, valuing it at $16.7bn.

The company said it will finance the transaction through a combination of cash and debt - but assured shareholders it will retain a "strong investment grade credit rating" throughout.

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